MobiKwik’s IPO will value it at $250M, 73% below its last private valuation.

MobiKwik, the Indian financial services startup, has cut the size of its planned IPO for the third time, setting a price band of ₹265-₹279 ($3.1-$3.3) for a valuation of $250 million – down significantly from its last private valuation. with $924 million in 2021.

The Gurugram-based fintech, which is backed by Peak XV and ADIA, is looking to raise around $69 million in IPO, well below the $255 million it initially targeted in 2021. The IPO opens on December 11, and the stock will begin trading on December 18.

The 15-year-old startup operates one of the most widely used wallet apps in India. But it has struggled to maintain efficiency after the government-backed constitution, UPI, gained widespread adoption. The company has raised more than $268 million to date.

MobiKwik says it will use the proceeds from the IPO to fund its growth and invest in AI. The startup serves 161 million users and 4.26 million merchants.